Zacks Investment Research Downgrades Teekay Corp. (TK) to Sell
Teekay Corp. (NYSE:TK) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Teekay Shipping Corporation is a leading provider of international crude oil and petroleum product transportation services through the world’s largest fleet of medium size oil tankers. The Company’s modern fleet provides such transportation services to major oil companies, major oil traders and government agencies, principally in the region spanning from the Red Sea to the U.S. West Coast. “
Several other analysts also recently weighed in on TK. Credit Suisse Group AG set a $6.00 price objective on Teekay Corp. and gave the company a “hold” rating in a research report on Friday, August 5th. Jefferies Group restated a “hold” rating and set a $9.00 target price on shares of Teekay Corp. in a report on Wednesday, July 6th. TheStreet downgraded Teekay Corp. from a “hold” rating to a “sell” rating in a report on Thursday, August 4th. Finally, Wells Fargo & Co. reissued a “hold” rating on shares of Teekay Corp. in a research note on Thursday, July 7th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $14.25.
Shares of Teekay Corp. (NYSE:TK) opened at 8.53 on Wednesday. The firm’s market capitalization is $723.62 million. The firm’s 50-day moving average is $7.50 and its 200-day moving average is $8.19. Teekay Corp. has a 52 week low of $4.37 and a 52 week high of $35.20.
Teekay Corp. (NYSE:TK) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.01 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.07. Teekay Corp. had a positive return on equity of 0.74% and a negative net margin of 3.96%. The firm earned $587.60 million during the quarter, compared to the consensus estimate of $558.42 million. During the same quarter in the previous year, the company posted $0.27 earnings per share. The business’s revenue was down .9% on a year-over-year basis. Equities analysts anticipate that Teekay Corp. will post ($0.38) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 16th. Shareholders of record on Friday, October 28th will be issued a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date of this dividend is Wednesday, October 26th. Teekay Corp.’s dividend payout ratio is -15.07%.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fox Run Management L.L.C. purchased a new position in Teekay Corp. during the second quarter worth $111,000. Commonwealth Equity Services Inc purchased a new position in Teekay Corp. during the second quarter worth $116,000. Bank of Montreal Can purchased a new position in Teekay Corp. during the second quarter worth $117,000. Stevens Capital Management LP purchased a new position in Teekay Corp. during the second quarter worth $119,000. Finally, Advisors Asset Management Inc. purchased a new position in Teekay Corp. during the second quarter worth $120,000. 47.71% of the stock is currently owned by institutional investors.
Teekay Corp. Company Profile
Teekay Corporation (Teekay) is a provider of crude oil and gas marine transportation services. The Company also offers offshore oil production, storage and offloading services, primarily under long-term, fixed-rate contracts. The Company is engaged in the liquefied natural gas (LNG) and liquefied petroleum gas (LPG) shipping sectors, as well as in the operations in the offshore production, storage and transportation sector.
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